China’s trade surplus in May was smaller than expected, adding to evidence that the country is slowly cutting its reliance on exports, in a development that is seen as necessary for rebalancing the global economy.

China yesterday reported a surplus of $13.05 billion in May, larger than its $11.4 billion surplus the previous month, but well below market forecasts, which mainly ranged from $18-20 billion. – (Copyright the Financial Times Limited 2011)